Developer | GENERAL SECRETARIAT OF THE FINANCIAL SECTOR AND PRIVATE DEBT MANAGEMENT (GSFSPDM) |
Operator | MINISTRY OF NATIONAL ECONOMY AND FINANCE |
Budget | € 2,337,703.00 (excluding VAT)
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What is the object of the project?
The object of the project is the development of the integrated information system of the “Independent Credit Rating Authority”, which will include a central database on the economic behaviour of public sector entities and a single credit rating scale for the production and granting of credit scores to natural and legal persons in relation to their debts towards the State. The credit score for natural and legal persons will be produced by the information system through the automated processing of data on economic behaviour obtained from entities of the public sector using an algorithm. The information system will interoperate with other electronic systems (public and private, such as TIRESIAS S.A.), with the aim of exchanging credit scores and creating a single scoring system for assessing the creditworthiness of natural and legal persons.
What are the expected benefits?
The following benefits are expected from the implementation of this project:
- Ability for natural and legal persons to access this information, in addition to government agencies, bodies and other financial institutions, while applying the provisions for the protection of personal data.
- Stable financial situation.Stabilizing and strengthening the financial environment and social cohesion.
- Elimination / significant reduction of information asymmetries between public sector bodies and private entities regarding the creditworthiness of natural and legal persons, through their credit scoring in relation to their debts towards the State.
- Preventing the increase of non-performing and overdue debts to public and private entities, as well as preventing the over-indebtedness of natural and legal persons.
- Restricting the moral hazard and creating a reliable deterrence framework for strategic defaulters.
- Responsible lending.Development of a culture for preventing the over-indebtedness of natural and legal persons.